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Do We Have To Pay Zakat on Commemorative Gold and Silver Coins?

Answered by: Shaykh Ahmed bin Mohamed Umarji

Question:

Do we have to pay zakat on commemorative gold and silver coins? I am not too sure of its composite 100% whether it is fully gold or silver. Do we pay zakat on the material value of Gold and Silver based upon weight or by the value of the coins?

Examples of coins are as below:
https://www.royalmint.com/our-coins/

In the name of Allah, the Most Gracious, the Most Merciful

Answer:

Imam Quduri Rahimahullah explains “If the overwhelming content is silver, it will be in the ruling of silver, if the overwhelming content is other metals, it will be in the ruling of general merchandise.1

The coins from The Royal Mint are 99.99% pure.2 Based on that zakat will be paid on the material value of Gold or Silver based on weight.

Only Allah knows best

Written by Shaykh Ahmed bin Mohamed Umarji

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham

1 Mukhtasar al-Quduri, Page 89, Mustafah Publishers 2016

2 https://www.moneymetals.com/buy/silver/british-coins

This answer was collected from DarulIftaBirmingham.co.uk, which is run under the supervision of Mufti Mohammed Tosir Miah from the United Kingdom.

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